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CBN Denies Non-Remittance Of 80% Surpluses

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CBN Denies Non Remittance Of 80% Surpluses-Crystal News

The Central Bank of Nigeria (CBN) has denied the allegation that it failed to remit 80 per cent of its operational surpluses into the Consolidated Revenue in the last five years.

Dr Kingsley Obiora, CBN Deputy Governor in charge of Economic Policy, said this at the senate public hearing on 2022-2024 Medium Term Expenditure Framework (MTEF)  in Abuja.

Obiora was reacting to an allegation by Sen. Solomon Adeola (APC-Lagos) that the CBN has not remitted its operational surpluses for five years.

He said 80 per cent of the apex bank’s operational surpluses had always been remitted to the CRF on yearly basis.

Obiora explained that the remittance was done in line with the provisions of the Fiscal Responsibility Act (FRA) and not that of the CBN Act, which stipulated 75 per cent remittance.

“With due respect to the Senate and in particular to this committee, the CBN, as a law-abiding government agency, has not at any time defaulted in the remittance of its operational surpluses.

“We do this on a yearly basis as required by the Fiscal Responsibility Act, despite the fact that the CBN Act requires us to remit 75 per cent only, ” he said.

Responding, Adeola urged the CBN to produce documentary evidence to prove its remittances to the committee on Sept. 3.

He also urged the apex bank to produce its audited account for the last five years.

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Governor Dauda Lawal Approves 120-Day Rapid Intervention Plan to Revamp Zamfara State’s Educational Sector

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Governor Dauda Lawal has approved a 120-day Rapid Intervention Action Plan aimed at addressing systemic failures in Zamfara State’s education sector.

The Governor presided over the State Executive Council meeting on Monday at the Government House in Gusau, where key decisions were taken.

During deliberations at the 65th Council meeting, issues related to education, health, works, and other sectors were discussed and approved.

The Council endorsed a 120-day rapid intervention plan built on prior diagnostic activities conducted by the Ministry of Education and the Education Quality Assurance Agency (EQAA). The plan, presented by the overseeing Commissioner for Education, Abdulmalik Abubakar Gajam, includes payroll audits, school mapping exercises, and infrastructure assessments. It proposes targeted, time-bound interventions across governance, infrastructure, digital transformation, teacher development, and student welfare.

The Council also approved the formation of a joint committee to immediately assess all illegal or unapproved structures built around schools in the state, with a view to relocating them and securing school environments. The committee will be led by the Ministry of Education, Science and Technology (MOEST).

Additionally, the Council approved a single, unified Education Sector Bill (covering Early Childhood Care Development Education to Tertiary level), to be developed in consultation with stakeholders including agencies, institutions, civil society, traditional rulers, and development partners. A draft bill will be presented to the State House of Assembly for enactment within the emergency timeframe.

The Governor further approved the transfer of non-teaching staff—such as messengers, labourers, gardeners, cooks, guards, drivers, health workers, and artisans—from the Ministry’s payroll to appropriate MDAs (CPG, MoH, Establishment) or private firms.

Among other important issues, the Council approved the composition of the Zamfara State Steering Committee on the State of Emergency on Education and authorised the Committee to constitute a Technical Working Group (TWG) and co-opt stakeholders including the NUT, UNICEF, UBEC, traditional and religious leaders, private school proprietors, and CSOs.

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Ooni of Ife Applauds Gbenga Daniel’s Impact at 70

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Ooni

Ooni Gbenga Daniel Tribute celebrates the senator’s 70th birthday, highlighting his leadership, service, and contributions to society

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NIMechE Salutes Gbenga Daniel at 70 Milestone

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NIMechE Gbenga Daniel Tribute celebrates the senator’s 70th birthday, highlighting his impact in engineering, leadership, and national development

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